Easy calculation of projected earnings....

11 messages
01/06/2006 at 11:13
(Aliarse btw, I have my reasons)

I need a quick and simple calculation to give me a guestimate on prospective take home pay.

I'm thinking of going back to contracting for a while, working through an umbrella company, and I'm trying to figure out what I would need as a daily rate to acheive a certain take home.

Is there anyone on here with the smarts to point me in the right direction ?

Ta
01/06/2006 at 11:15
www.i-resign.com/uk/financialcentre/tax_calculator.asp

edit :- Oh and for umbrella's it's kinda different. www.greenlantern35.co.uk/calculator.htm will give you an idea

Edit edit :- If you decide to go with them I get £50 if you'd be so kind as to mention my name.

TiT#107D WINO#1 MOL

Celebrity Beer Belly Twin

01/06/2006 at 11:17
Contracting as an IFA...?
01/06/2006 at 11:22
Angel__Biker wrote
www.i-resign.com/uk/financialcentre/tax_calculator.asp



I've used that but if you click the linky the calculations rely on the April 2004 budget. Assume things have changed slightly?

Badboy

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01/06/2006 at 11:23
Nice one AB. It says it's based on 04 figures....but I guess it still applies to 06/07, right ?

You still contracting ? () Are you umbrella or your own Ltd ? Any idea how much an umbrella company will take off the bottom line in charges? I want to go PAYE, see
01/06/2006 at 11:24
TQ_uk wrote
Contracting as an IFA...?


Nope..plain old boring IT crap...
01/06/2006 at 12:00
For a very quick and dirty estimate I simply assume that I will keep 65% of what I earn, flat rate. (I don't try and avoid IR35, I'd rather stump up now that get arse-raped by the IR in the future).

It gives a pretty decent ballpark figure.

Orb the Impaler

TIT#49AA


"Never say die"
01/06/2006 at 13:10
Grrrr wrote
Nice one AB. It says it's based on 04 figures....but I guess it still applies to 06/07, right ?

You still contracting ? () Are you umbrella or your own Ltd ? Any idea how much an umbrella company will take off the bottom line in charges? I want to go PAYE, see


Things have changed slightly but if your umbrellering (which I am currently btw ~~ still have my own ltd as well, but this contract is well over what the IR deem as being possibly not caught) you'll be wanting the best return on your cash. Greenlantern take 4% (might be 6% but I don't have any payslips available to work it out), but their dispensations make it worthwhile for me. Their calculator takes the maximum available into consideration btw so obviously other factors come into it here. They also pay weekly which is nice (assuming you get paid weekly that is).

You might want to look at Giant as well (although I wouldn't touch them with a shitty stick, I'd pulled out of a shitty place as they shat on me big time a few years ago, they *may* have improved however) and a few here use them and seem happy .........

I've also used prosperity4 in the past, they were more expensive than greenlantern, the service was Ok though but it's best to give them all a call and see whats on offer.

As far as I-resign goes it gives a ballpark figure, so add a couple of quid ~~ maybe......

TiT#107D WINO#1 MOL

Celebrity Beer Belly Twin

01/06/2006 at 15:00
35,500 PA to get £100/day after tax.
All the London bicycle messengers earn about a ton per day.
And none of them pay any tax. All foreign.

"I can't help being a little simian, it's my nature" (Masaaki Sakai (aka Monkey) 1980)
"Remorse; the fatal egg that pleasure laid" (William Cowper 1731-1800)

VDCR #155 - TWO#A/90/650/650/1100 - ZEN#325
TIT moment... and my trip www.PM-04.com
01/06/2006 at 15:35
POB/London wrote
35,500 PA to get £100/day after tax.


Yebbut all your tax goes to schools and hospickles, so that's got to be good, right?

Think of the children!!!!

(It's a good thing that those million extra civil servants and all those malingering fuckers on 'long term sick' don't get paid for out of our tax, eh? )

Orb the Impaler

TIT#49AA


"Never say die"
01/06/2006 at 15:39
Hopefully I'll be able to sting them for loads of very costly morphine an dmajor operations when I'm older, to get my money's worth.

"I can't help being a little simian, it's my nature" (Masaaki Sakai (aka Monkey) 1980)
"Remorse; the fatal egg that pleasure laid" (William Cowper 1731-1800)

VDCR #155 - TWO#A/90/650/650/1100 - ZEN#325
TIT moment... and my trip www.PM-04.com
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